HCM Acquisition Corp (NASDAQ:HCMA) Sees Large Growth in Short Interest

HCM Acquisition Corp (NASDAQ:HCMA) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 6,344 shares, a growth of 455.0% from the May 31st total of 1,143 shares. Based on an average trading volume of 71,852 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.2% of the shares of the stock are sold short.

HCM Acquisition Price Performance

NASDAQ:HCMA traded up $0.01 during trading hours on Friday, hitting $10.29. 13,108 shares of the stock were exchanged, compared to its average volume of 49,093. HCM Acquisition has a 52-week low of $10.03 and a 52-week high of $10.49. The firm’s fifty day moving average price is $10.21 and its 200 day moving average price is $10.15.

HCM Acquisition (NASDAQ:HCMA) last released its earnings results on Thursday, May 14th. The company reported $0.05 earnings per share for the quarter.

Institutional Investors Weigh In On HCM Acquisition

Hedge funds have recently modified their holdings of the business. HighTower Advisors LLC purchased a new stake in HCM Acquisition during the 3rd quarter valued at about $1,339,000. JPMorgan Chase & Co. purchased a new position in HCM Acquisition in the 3rd quarter worth approximately $251,000. Picton Mahoney Asset Management purchased a new position in HCM Acquisition in the 3rd quarter worth approximately $5,053,000. Context Capital Management LLC acquired a new position in shares of HCM Acquisition during the 3rd quarter worth approximately $5,052,000. Finally, DLD Asset Management LP acquired a new position in shares of HCM Acquisition during the 3rd quarter worth approximately $104,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of HCM Acquisition from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

HCM Acquisition Company Profile

HCM Acquisition Corp. is a Delaware?incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with one or more target businesses. The company raised capital through its initial public offering and is listed on the Nasdaq under the ticker HCMA. As a blank check vehicle, HCM Acquisition holds its funds in trust until it consummates a qualifying merger, share exchange, asset acquisition or other business combination.

The SPAC is sponsored by affiliates of Healthcare Capital Management LLC, a Los Angeles?based investment firm with experience in healthcare and life sciences investing.